QuickBooks is an accounting software package that was introduced in 1983 by Intuit. The package is designed for small and medium-sized businesses and offers all the tools to bring smoothness in accounting processes. It can accept payments, manage bills and salary operations. The package is appreciated worldwide and has become industry-standard for small and medium-sized businesses. Furthermore, there are four plans on offer which offer flexibility and scalability to the users.
We have put together this piece to dissect this package and let our readers know whether it would be a good option for their businesses. So, let’s get started.
Benefits and Disadvantages of QuickBooks
Let’s take a quick look at the potential benefits and disadvantages users can get with using QuickBooks.
Benefits
1. Can be integrated with third-party applications
2. Comprehensive reporting and extensive record-keeping
3. Simple interface
4. Multiple tools for inventory management
5. QuickBooks experts are easy to find
6. Resources on Quickbooks are readily available
Disadvantages
1. Limited number of account users on each plan
2. Monthly plans are a bit expensive
3. Takes a bit of time to learn
Features and Pricing of QuickBooks Plans
QuickBooks offers four plans that start from $30 a month and go up to as high as $200 a month. Features in each of four plans vary and as users go up in tier, more tools are added. Let’s take a look at them:
QuickBooks Online Simple Start
This is the least expensive plan of QuickBooks but has all the basic features that are required by most small to medium-sized businesses.
These Include:
1. Tracking of Expenses and Income
2. Invoice generations and invoice payment system
3. Categorization of expenses and income into different tax categories
4. Analysis and reporting of financial reports
5. Integration with QuickBooks smart application
6. Track miles using smartphone’s GPS
7. Manage and Monitor cash flow of the business
8. Can run tailored estimations and send it as bids
9. Manages 1099 contractor payment system
An average small-sized business would not require any more features than what this plan has to offer. Furthermore, all of these features are simple and easy to understand. You would not need help from professionals to analyze the reports generated by it.
QuickBooks Online Essentials
This package starts at $55 a month and offers all the features of QuickBook Online Simple Start in addition to the following:
1. Runs comprehensive reports on sales, receivables, and accounts payable.
2. Monitor, manage and pay bills
3. Tracks time and billable hours
Two of the added features are essentially advanced versions of what is already available in basic plans. However, the third feature which tracks time and billable hours is unique to it and can be quite useful for certain firms.
It can be used in small law firms to track the billable hours of lawyers, in hospitals for doctors and nurses, and IT companies to track the billable hours of IT professionals. The software will calculate these hours and generate the incomes based on that. It will cut significant time and expenses that the Human Resource Department would otherwise require for the same job.
QuickBooks Online Plus
QuickBooks Online Plus targets medium-sized firms and starts at $85 a month.
It offers all the features of the QuickBooks Online Essentials in addition to:
1. Tracking inventory and costs of items in it.
2. Running reports on inventory
3. Generation of reports on sales, profitability, expenses, and budget
4. Multiple templates to create customized reports
5. Can be synchronized with a third-party application to track inventory
6. Tracks the profitability of individual projects
This plan of QuickBooks will serve best to the companies that are involved in manufacturing of products of some sort. Most useful features of this plan are related to the maintenance of inventory. Furthermore, even those companies that have multiple warehouses can use different applications in each and still have them integrated with QuickBooks.
Analysis of profitability on each project can be quite useful as well, especially when the company plans to bid on a project. The analysis provided by the application is mostly accurate and reliable. You would not need professional help with most features but certain analysis might need an interpreter who understands accounts in depth.
QuickBooks Online Advanced
This is the most advanced plan which is also evident by its name and costs around $200 per month. It is targeted at firms that fall in the category of medium to large size and offers features accordingly.
The plan has all the features of QuickBooks Online Plus in addition to:
1. Customizable chart templates that can be used to monitor the performance of firm
2. Batch invoicing system to increase workflow
3. 24/7 customer support on chat and phone
4. Management of Employee expenses including salaries, transportation charges and incentives
5. Access to exclusive third-party applications like DocuSign and HubSpot
Companies that have a large number of employees on different salaries and incentives would find this plan very beneficial. Furthermore, it will also help in making the process of sending deliveries and receiving payments smoother.
That said, it would not be an ideal plan for small businesses as it is expensive and has features which aren’t typically used by firms that are still finding their feet. You can also require help from an accounting professional to operate this plan which can burden the budget.
Payoneer – The Best Invoice Payment System For Small Businesses
In order to clear invoices on time, businesses do not just require the best accounting software but a decent payment processor as well. Payoneer is one of those solutions which is completely free and operates in almost all of the world. It is faster than most of the other banking channels to transfer and receive funds from overseas. You just have to enter the credentials of the receivers and the amount to make the transfer happen.
Furthermore, it also has a built-in invoice builder that offers dozens of templates to cater to different professions. Invoice senders can use one of them to design a customized template which would make it easier for you to understand the expense and categorize them in accounting books. Invoice senders can attach that file as PDF along with the demand notice.